What do businesses without card-processing options lose?

If you’re still on the fence about accepting credit card payments, the first thing to consider is this finding from a 2012 Intuit study: Businesses without card-processing options lose $7,000 per year to their competitors.

As more and more small and mid-sized businesses adopt alternative payment options, the loss of profit among slow-to-adopt companies will grow.

Accepting credit cards also means a faster turnaround on payments, fewer trips to the bank, and an easier transactions for clients. In many cases, it even simplifies inventory management and offers valuable insight into your ideal market’s shopping habits. Without a card processing option, businesses spend more money and labor trying to recover payments, having to float inventory until those payments are received.

Why are some business owners still nervous about accepting credit cards?

With each passing year, accepting credit cards becomes easier and more profitable. That’s not to say that entrepreneurs who shy away from accepting credit cards aren’t without good reasons for their reservations, including:

Fear of fraud and security breaches

Concerns about delayed payments and exorbitant fees

Anxieties about increasing the complexity of accounting processes

If you think it’s time to embrace modern payment methods, it’s possible to address these concerns by carefully selecting a reputable merchant provider service to work with.

What should you consider before accepting credit card payments?

What to do if that all seems like a little much to figure out

Finding the best merchant provider for your company’s needs can be overwhelming. Dozens of reputable vendors are vying for your business, and each has its own set of rates and requirements. Attempting to navigate all of the numbers and the teeny tiny fine print is enough to make anyone want to return to the good old days of dollar bills, but the potential loss to your business can be devastating.

Precision Payment Systems simplifies the process of choosing a merchant provider service by navigating for you. As an independent broker, we have access to the most cost-efficient, secure vendors on the market. Through a free fact-finding consultation, we determine exactly what you need and find the best vendor to meet those needs. Best of all, the rates we secure are good for three years. Guaranteed.